BROCHURE

Insurance Technology Platform for Business Transformation

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PRESENTATION

Powering the journey to Business impact - a Presentation by Erick Stockwell, SVP L&A Division.

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4 Hours Tp 4 Sec

Policy Administration

Elixir North America Policy Administration System (PAS) caters to the Life, Health and Annuity insurance and is designed for both individual and group markets. It uses the most modern technology, as noted by a leading analyst firm, to simplify and speed up insurance product configuration.

Product overview

Elixir Policy Administration System (PAS) has a fully integrated library of products, tax and regulatory content, providing full and fast configuration and self-sufficiency. Its automated workflows and dashboards eliminate manual tasks and support quick business response to market changes. It provides superior customer capabilities to improve the producer and consumer experience. It includes built-in support for all diverse insurance products on a single platform.

Develop new products, adapt existing products rapidly
Insurance carriers operate in a fast changing business environment where regulations keep changing, business models evolve, new products emerge and distribution strategies change. In order to remain competitive, carriers must launch new products faster and cultivate new distribution avenues. Such a dynamic environment requires effective policy administration and management. Elixir PAS is an innovative solution that provides the required agility and content to support these evolving business demands.

Enhance customer & producer experience
Elixir PAS’s out-of-the-box functionality and customer-centric approach facilitates an enhanced customer and producer experience either via customer and producer portals in the back office, or utilizing its fully automated straight-through processing feature.

Reduce operating costs, lower IT risk
Elixir PAS's functional components support phased implementation, thus reducing the risk of business transformation. It uses the latest technology and is highly configurable, lowering IT implementation and support costs. Its automated system also provides low operation costs and is scalable enough to grow along with the business.

Provide a cost effective path and thought leadership to solve the conversion challenge
A legacy system for a Life insurance carrier has to keep track of information and data about customers’ policies for a very long time. By its very definition, the tenure of a life term of an annuity policy can be as high as 50 years or more. Migration of such systems to modern platforms can be highly complex. With vital data on the line, having an experienced data migration partner is crucial to reducing  risk. MajescoMastek provides the thought leadership to identify the different avenues for the migration and also guides the carrier throughout the entire the process. The support provided goes a long way in reducing the cost and mitigating the risk of system and data migration.

Distinctive Features

Comprehensive library of pre-built products, tax and regulatory content, to speed up configuration 'Most-Modern' technology providing individual and group/worksite Life, Health and Annuity in ONE combined system Automated workflows and dashboards to reduce costs, improve service and eliminate manual workarounds Thought leadership on implementation and conversions to enable positive ROI business cases for legacy transformation

MajescoMastek Advantage

MajescoMastek has over two decades of experience in the North American insurance market, having worked with over 100 insurance carriers. MajescoMastek provides both technology and services, offering a complete suite of solutions to meet the demanding needs of this sector.

MajescoMastek has expertise in customization, system integration, data conversion and migration and large project management. The team of dedicated and knowledgeable insurance professionals at MajescoMastek helps insurers remove the complexity of migrating aging systems and simplify their environments to achieve both short-term project goals and long-term business success.

 

CUSTOMER VIDEO

Foresters Invests in Transformation

- Peter Sweers, Chief Operations & Information Officer, Foresters.

CASE STUDY

Mastek Foresters: New Business, Underwriting and Policy Admin transformation – A Novarica Case Study
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